O-I Chairman & CEO Steve McCracken to Step Down
November 08 2006 - 5:01PM
PR Newswire (US)
Board Member Albert Stroucken Named New Chairman & CEO
PERRYSBURG, Ohio, Nov. 8 /PRNewswire-FirstCall/ -- The Board of
Directors of Owens-Illinois, Inc. (NYSE:OI) today announced that
its chairman and chief executive officer Steven R. McCracken, has
chosen to step down at the end of the month for personal reasons.
(Logo: http://www.newscom.com/cgi-bin/prnh/20050412/CLTU028LOGO )
Albert P.L. Stroucken, a current O-I Board member, has been named
as the Company's new chairman and CEO, effective December 4. "Al
has been a significant contributor to our Board of Directors since
August 2005, and I am pleased that he is taking the leadership of
O-I at this important time. He understands our strategic direction
and will be instrumental in managing the execution of the corporate
path forward," said Mr. McCracken. Mr. Stroucken is currently
chairman and CEO of H.B. Fuller Company (NYSE: FUL), St. Paul,
Minnesota, a $1.5 billion manufacturer of adhesives, sealants,
coatings, paints and other specialty chemical products. Previously,
he was general manager of the Inorganics division of Bayer AG,
after serving as executive vice president and president of the
Industrial Chemicals division of the Bayer Corporation from 1992
through 1997. He joined Bayer AG in Leverkusen, Germany in 1969.
Mr. Stroucken is a member of the Board of Directors of Baxter
International, Inc., a medical devices, pharmaceuticals and
biotechnology company. He also serves on the Board of Directors for
the H.B. Fuller Company Foundation, the Twin Cities United Way, and
O-I. Speaking on behalf of O-I's Board, Mr. Stroucken said, "We
fully understand and respect Steve's decision. We thank him for his
enormous contributions in leading our strategic transformation and
I look forward to engaging with the employees of O-I to continue
driving toward our goals." Mr. McCracken joined O-I in April 2004
to drive the financial turnaround and cultural transformation of
O-I. "These changes in leadership provide certainty for all of our
stakeholders and represent what is best for the Company, for my
family, and for me personally," Mr. McCracken said. About O-I
Millions of times a day, O-I glass containers, healthcare packaging
and specialty closure systems deliver many of the world's
best-known consumer products to people all around the world. With
leading positions in Europe, North America, Asia Pacific and Latin
America, O-I provides consumer-preferred products that enable
superior taste, purity, visual appeal and value benefits for our
customers' products. Established in 1903, the company employs
nearly 30,000 people and has more than 100 manufacturing facilities
in 23 countries. In 2005, annual revenues were $7.2 billion. For
more information, visit http://www.o-i.com/. Copies of O-I news
releases are available at the O-I Web site at http://www.o-i.com/;
or at http://www.prnewswire.com/.
http://www.newscom.com/cgi-bin/prnh/20050412/CLTU028LOGO
http://photoarchive.ap.org/ DATASOURCE: Owens-Illinois, Inc.
CONTACT: Kelley Yoder of O-I, +1-567-336-1388 Web site:
http://www.o-i.com/
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